Factom [FCT] Continues to Outperform With 200% Increase

The overall performance for 2018 has been extremely bearish for cryptocurrencies. There have been huge amounts of value lost in almost every cryptocurrency. The declines accelerated over the past few weeks led by market leader Bitcoin dropping from around $6400 to a 2018 low below $3500. Factom has been one exception to the recent bearish market conditions seen.

Price has increased around 200% over the past month moving from support at $4 to a current price around $12. The project has robust partnerships behind it with the Bill and Melinda Gates Foundation being one of the contributors to the project.

The project met some resistance at the 200 EMA during the increase. This along with a bearish divergence taking place between price and RSI resulted in price dropping back last week, but it has since continued its appreciation. Price dropped down to near $7 after meeting the resistance but is now continuing its increase with strong momentum. Both the RSI and MACD have been increasing indicative of the strong buyer momentum.

Today’s trading has been volatile as traders try to assess the return to increasing movements. A low of $10 has been formed today while the high is around $14. Although there may be more drops due to today’s volatile movements in Factom, the overall outlook looks bullish with the strong performance and bullish momentum for the altcoin.

Factom Daily Chart – Source: Tradingview.com

Key Takeaways:

Factom has been one of the altcoins outperforming despite bearish market conditions being seen across the rest of the market.

Factom met some resistance at the 200 EMA during its increase, and this combined with a bullish divergence between price and RSI resulted in price retracing to around $7.

Momentum is strongly on the side of buyers with both the RSI and MACD continuing to increase.

Trading has been volatile today as traders assess the return to sharp price increases. Overall, the outlook looks bullish for Factom given the strong buyer momentum and outperformance.

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Factom [FCT] Continues to Outperform With 200% Increase was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.